PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211713
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211713
Electric Vehicle Connector Market size was valued at USD 48.9 Million in 2022, expanding at a CAGR of 20.3% from 2023 to 2030.
A connector is a device that is used to deliver electrical energy from the charging station to the battery pack. Through a charging connector, the battery pack receives power from the charging station. In many aspects, a charging connector is similar to the cable used to charge a mobile phone. Both a wall connector and a phone side connector are included in a mobile phone charging cable. Similarly, the charging connector for an electric vehicle's battery pack has a connector for the vehicle and one for the charger plug. Grid-to-Vehicle (G2V) charging stations, which only permit a single direction of charge transfer, make up the vast majority of electric vehicle charging stations in use today.
Electric Vehicle Connector Market- Market Dynamics
One of the main drivers of the market is the rising demand for EVs in different parts of the world. Consumer choice for passenger and industrial EVs is quickly changing as a result of the growing environmental consciousness. Additionally, several technological developments, including the integration of the Internet of Things (IoT), period data solutions, and all-EV charging station systems, are propelling market expansion. These technologies help customers find nearby charging stations, offer real-time information on the availability of open places, and arrange convenient times for fill-ups. Accordingly, several product improvements, such as the introduction of wireless induction pads that provide quick recharging with the least amount of equipment required, are affecting the market's expansion.
Additionally, the market expansion will be fueled by various causes, including the execution of various government efforts to increase the adoption of EVs and hybrid vehicles, as well as the widespread preparation of supercharging stations in outlying locations. The global EV Connections Market is being driven by the government's effort on promoting the use of EVs, the increasing focus of automakers on EVs due to the prime section, and therefore the rising need for quick-charging EV connectors. On the other side, a lack of global standardization for EV connectors may impede market expansion.
Electric Vehicle Connector Market- Segmentation Analysis:
The Global Electric Vehicle Connector Market is segmented based on Plug Type, Charging Speed, Application, and Region.
The market is divided into Slow Chargers, Fast Chargers, and Rapid Chargers based on Charging Speed. During the projection period, the Fast Charger segment is anticipated to have the biggest market share, see rapid growth, and dominate the global market. This is because the majority of public and commercial electric vehicle charging stations have switched to fast charging.
Electric Vehicle Connector Market- Geographical Insights
During the projection period, the Asia Pacific region is anticipated to hold the largest market share due to China and Japan's rapidly expanding charging infrastructure. Demand for the electric vehicle connection market in this region is also projected to be driven by rising electric vehicle production and sales. The expansion of this market in this region is also being fueled by increased disposable income in countries like China, India, and others, as well as population growth, urbanization, and a growing focus on lowering vehicle emissions.
Electric Vehicle Connector Market- Recent Development:
In April 2021, at the Shanghai New International Expo Centre, NINGBO DEGSON ELECTRICAL CO., LTD declared that the company had attended the Munich Electronics Show. At this exhibition, the company has displayed a range of goods for different industries and uses. By demonstrating the potential of its products and technological innovation through this, the corporation has expanded the market to whom it may appeal.
In June 2022, the acquisition of the MoTeC Group was announced by Robert Bosch GmbH. The company will be able to expand the range of automotive technology products it offers and expand its marketability due to this acquisition.
Key features of the study:
This proposed research study on the Electric Vehicle Connector market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for ` the Electric Vehicle Connector market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Electric Vehicle Connector market
The impact of COVID-19 on the Electric Vehicle Connector market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Electric Vehicle Connector market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Electric Vehicle Connector market, we have also included a competitive landscape and key innovator analysis for the Electric Vehicle Connector market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Electric Vehicle Connector market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Electric Vehicle Connector market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ELECTRIC VEHICLE CONNECTOR MARKET KEY PLAYERS
Tesla
TE Connectivity
Sumitomo Electric Industries, Ltd.
HUBER+SUHNER
YAZAKI Corporation
Sumitomo Electric Industries, Ltd.
REMA Lipprandt GmbH Co. KG
HARTING Technology Group
BESEN INTERNATIONAL GROUP CO., LTD.
Weidmuller
BizLink Group
Japan Aviation Electronics Industry, Ltd.
ITT Inc.
GLOBAL ELECTRIC VEHICLE CONNECTOR MARKET, BY PLUG TYPE
Type 1 (120 Volts)
Type 2 (240 Volts)
Type 3 (480 Volts)
GLOBAL ELECTRIC VEHICLE CONNECTOR MARKET, BY CHARGING SPEED
Slow
Fast
Rapid
GLOBAL ELECTRIC VEHICLE CONNECTOR MARKET, BY APPLICATION
Residential
Commercial
GLOBAL ELECTRIC VEHICLE CONNECTOR MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA